Huaxin Securities·2025-04-10 02:05Investment Rating - The report maintains a "Buy" rating for the company Aofei Entertainment, while other companies remain unrated [7]. Core Insights - The trend of consumers paying for emotional value is rising, with Generation Z becoming the main consumer force, showing a preference for products that enhance personal experience [4][20]. - The traditional toy market is experiencing steady growth, with the building block toy segment expected to benefit significantly from the emotional consumption trend and the integration of IP [5][59]. - The AI toy market is projected to reach a trillion-level scale, with companies racing to establish their presence [6]. Summary by Sections Emotional Value Driving New Consumption Trends - The shift from a production-oriented society to a consumption-oriented one emphasizes emotional and spiritual values in consumer behavior [12][13]. - Generation Z is expected to lead in emotional consumption, favoring categories like beauty, outdoor sports, and cultural creative products [4][20]. - The emotional economy can be categorized into three types: addictive, social, and self-pleasing consumption [21]. Intelligent and IP-Driven Toy Market Growth - The toy market is diversifying, with a focus on user lifecycle companionship and a variety of product categories [27][29]. - The global building block toy market is projected to grow from 278 billion yuan in 2023 to 996 billion yuan by 2028, with significant growth in the Chinese market [5][59]. - The toy industry is characterized by low concentration, with many companies competing across various segments [46][49]. Key Companies and Profit Forecasts - Aofei Entertainment is highlighted with a projected EPS of 0.06 in 2023, with a PE ratio of 133.50 [7]. - The report emphasizes the importance of IP and innovation in enhancing product value and market competitiveness [50][51].